Redeye provides a research update following the Q1 report published by Alzinova earlier today. While the company reported a lower OPEX than anticipated, the report did not include any major surprises. With an extended financial runway due to the recently announced rights issue, we argue that the main focus ahead will be to achieve a licensing deal. We reiterate our recently adjusted fair value range (SEK1 – SEK12) with a base case valuation of SEK6.5.